Dogecoin price has climbed 3% over the past 24 hours, breaking above its critical support level of $0.165 and signaling the potential for a significant breakout with the prospect of tripling in value. Meanwhile, increased whale accumulation could further fuel the rally, bolstering bullish momentum. Also, the derivatives market shows strength hinting at improved trader sentiment.
Dogecoin Price Analysis: Bullish Breakout Potential Emerges
After facing a steep correction of over 70%, Dogecoin (DOGE) is showing signs of a potential breakout. The cryptocurrency is currently forming a tight falling wedge pattern, a classic technical setup often considered bullish.
Adding to the optimism, the daily Relative Strength Index (RSI) indicates a bullish divergence, suggesting the downward momentum could be waning.
Traders are closely watching for a breakout above the wedge’s trendline, which could signal a shift in market sentiment. If confirmed, such a breakout might pave the way for renewed upside momentum with next immediate targets of $0.35 and $0.50.
After facing strong selloff earlier this week, Dogecoin price has reclaimed the crucial $0.16 support level hinting that the bottom is already in for the meme coin. Analysts are hoping for a massive rally to $5 as the whale accumulation surges.
Prominent crypto analyst Ali Martinez reported that the DOGE whales have purchased approximately 1.83 billion DOGE, valued at around $640.5 million, over a two-day period. This surge in whale activity suggests a potential bullish outlook for the meme-based cryptocurrency.
Martinez highlighted that while retail investors have been focusing on newer meme tokens, whales have been quietly increasing their DOGE holdings. Such a massive accumulation could set the stage for notable price movements going ahead.
Key Catalysts for DOGE Ahead
Dogecoin price has been subject to global macro developments and the escalating Trump tariff war over the past few months. However, the markets have started to look beyond it as Bitcoin price is showing strength while consolidating around $82,000 levels.
Furthermore, as per the Coinglass data, the DOGE futures open interest is up 5.62% at $1.50 billion. This shows that traders are turning bullish for the asset class moving ahead.
On April 9, 2025, 21Shares unveiled a strategic partnership with the House of Doge to introduce the Dogecoin Exchange-Traded Product (ETP), trading under the ticker DOGE. Duncan Moir, President of 21Shares, emphasized the significance of the collaboration, stating, “The Dogecoin ETP offers investors the most direct and accessible way to engage with the Dogecoin ecosystem.”
The post Dogecoin Price Eyes 3X Rally Amid DOGE Whale Accumulation appeared first on CoinGape.
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